How does flood insurance affect my monthly payment?

By Steve Conley

Short Answer

Flood insurance adds to monthly housing costs and is typically escrowed by lenders along with hazard insurance and property taxes. Buyers should factor these costs into their budget when evaluating affordability.

Steve's Advice

Steve Conley

Principal, Conley Sales Group at COMPASS

Flood insurance can add $150 to $800+ per month to your housing costs depending on the zone and coverage. For many buyers, this is the hidden expense that pushes their monthly payment beyond budget. I always factor this in during the affordability discussion.

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More questions in Flood Insurance & FEMA

How much does flood insurance cost in the Florida Keys? What flood zone am I in for my Keys property? How much does flood insurance cost in the Florida Keys? What is a FEMA elevation certificate? Can I get cheaper flood insurance if my home is elevated? What is the difference between Zone AE and Zone VE? Do I need flood insurance if I pay cash for my home? What is the National Flood Insurance Program? Can I shop for private flood insurance in the Keys? How do flood zones change over time? What Flood Zone Is My Florida Keys Property In? Can the New Florida Keys Flood Maps Change What I Can Build? Insurance Requirements for Coastal Properties in the Florida Keys

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